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10 Heck Yeah's for Outsourced Accounting Services
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What's Your Biggest Accounting
BY Eddy Hood In Outsourced Accounting Services On Oct 13, 2014 With 3 Comments
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Why should a business owner consider outsourced accounting services? We get asked this question a lot, so some of the staff at Ignite Spot decided to answer it in the video below.
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Think of how we used to do business. Today feels like a science fiction novel compared to what it used to . With all of the advances in technology, you no longer need an accountant in-house. But is it a good idea for your business? Hopefully these 10 reasons will help you decide.
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Reason #1: Affordable
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Outsourced accounting services should be more affordable than hiring someone in-house. For a full review on this, check out our article on bookkeeping services fees. In this article, we also point you
Video: How to Choose the Right
to a list of several accounting companies that you can research, including Ignite Spot. As a rule of
Entity
thumb, you should be around 40-60% of the cost of in-house employees, assuming you get a good company on your side.
Reason #2: Processes One of the main reasons for hiring a firm should be the systems that they have built. Any good firm will have processes in place for standard accounting tasks like paying the bills, invoicing customers and reconciling accounts. This means that you can avoid the headache of recreating the wheel here.
Reason #3: Experienced The addage is "hire people that are better than yourself." When you turn to an accounting company, their staff should be trained, certified and knowledgable. This is what they do all day long so they're going to be great at it. This also means that you'll be able to get an expert at a great price versus an in-house employee with little to no experience.
Reason #4: Get Organized
A full outsourced accounting services package should make it possible for you to relax at the end of the year. If they've been doing their job, there's very little if anything that you'll need to do to get ready for taxes. That's a lovely feeling.
Reason #5: CPA Approved A reputable firm will have CPAs overseeing the work. Make sure that you understand who the management team is and what their roles are. Also, if you decide to use your own CPA, he or she will be able to work with your outsourced accounting team to prepare the taxes. That makes life very easy.
Reason #6: Reliability Employees get sick, go on vacation and have bad days. When you're paying for outsourced accounting services, you should get reliable support. Afterall, you're their customer. This means that if their employee gets sick or go on vacation, they should be organized and have secondary staff trained to support you.
Reason #7: It Makes Everything Better You don't have time to deal with accounting tasks. You do need to stay informed, get reports and be in control, but you don't need to be reconciling bank accounts late at night. Let the accountants do that stuff.
Reason #8: Internet
Many outsourced accounting firms will have software platforms that make it easy to access your accounting files via the internet.
Reason #9: No HR Headaches Once again, you're a customer in this relationship and not the employer. That means that you'll be treated like a customer. Support is crucial, otherwise you'll move on to greener pastures.
Reason #: 10 Responsibility Last, but not least, is responsibility. This means that the accountants doing the work take, or at least, share in the liability of the financial information. That means that when yo get tax notices or other nasty things in the mail, you can turn to your accountant and say "deal with this".
Yes the world of outsourcing is here. It has come a long way since it started getting traction in the 90's. if you do decide to go down this road, ask a lot of questions and look for a solution that will scale with your business. Remember, not all accountants are good accountants so look for one that rocks.
Happy accountant hunting!
Eddy Hood My name is Eddy Hood. I've coached over 500 businesses on how to become more profitable. I'm the Founder & CEO of Ignite Spot, and I have mad parallel parking skills.
Leave a Comment About This Blog Post
Gordon Nickson September 25, 2017 5:56:29 PM GMT+07:00 But as a startup bearing the cost of a fully staffed accounting department is unrealistic. An alternative is to seek outsourced expertise that can offer in-depth knowledge alongside flexible resources to manage your monthly operations and all reporting needs. Reply to Gordon Nickson
Outsourced Bookkeeping November 29, 2017 10:42:44 AM GMT+07:00 Hi Eddy, Thanks for the wonderful article. Your insights will help many business owners to decide if they want to outsource or not. Firms who are actually willing to give a FREE DEMO of their services can be considered for outsourcing as well. This is due to the fact that you get the of how the firm is going to work once hired. It will help in saving a lot of cash and time. Reply to Outsourced Bookkeeping
Jane Winselt December 8, 2017 7:42:54 PM GMT+07:00 Outsourcing has it's both pros and cons. But a burden off your shoulder is always a good thing. outsourced accounting services are now become one of the top most outsourced services. Reply to Jane Winselt
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